Bitcoin Price Prediction Today: Will BTC Break Above $94k?
Key Takeaways
- Bitcoin is currently trading at around $93,792, and the price has edged up by 6.56% in the past 24 hours.
- The 24-hour trading volume has increased by 5% to reach $80.22 billion.
- The bitcoin price is projected to hover around $92k to $95k zone for today.
- The technical analysis is hinting at a bullish momentum building.
- The rising hopes of Fed rate cuts are having a bullish impact on the market.
- The investors are advised to proceed with cautious optimism as the crypto market remains highly volatile and dynamic.
Bitcoin’s Current Market Scenario: How is BTC Faring Now?
Bitcoin is currently trading at around $93,792, and the price has edged up by 6.56% in the past 24 hours. The market cap touched 1.85 trillion. The 24-hour trading volume has increased by 5% to reach $80.22 billion. The BTC successfully reclaimed the 92k zone.
The Fear & Greed Index reading improved to 28, moving from yesterday’s extreme fear to fear status. The following are the key market indicators and their value.
- Fear & Greed Index: 28 (Fear)
- Market Sentiment: Bearish
- Supply Inflation: 0.85% (Low)
- Dominance: 59.09%
- Volatility: 7.48% (High)
Bitcoin Price Prediction Today
The bitcoin price is projected to hover around $92k to $95k zone for today. If the current trend continues, BTC retesting the $ 94k zone cannot be ruled out. Nevertheless, due to the dynamic nature of the crypto market, investors are advised to remain cautious.
Bitcoin Price Prediction Tomorrow, & This Week
As for the upcoming week, the price of Bitcoin is projected to stay within a range of $94k to $97k. Nonetheless, reaching $100k can not be dismissed as the central bank’s decision on rate cuts is nearing.
| Date | Day of week | Daily Low | Daily High | Average |
|---|---|---|---|---|
| 04/12 | Thursday | $94,093.92 | $96,552.34 | $95,323.13 |
| 05/12 | Friday | $94,184.64 | $97,694.34 | $95,939.49 |
| 06/12 | Saturday | $94,159.48 | $95,767.99 | $94,963.74 |
| 07/12 | Sunday | $94,340.91 | $96,602.35 | $95,471.63 |
| 08/12 | Monday | $87,826.77 | $95,019.34 | $91,423.06 |
| 09/12 | Tuesday | $90,188.4 | $96,909.99 | $93,549.2 |
| 10/12 | Wednesday | $95,016.51 | $97,616.34 | $96,316.43 |
Market Outlook: Technicals, Institutional Activity & Macro Trends
The price trajectory of Bitcoin depends on an array of factors such as macroeconomic conditions, technical indicators, and institutional activities. The following section covers each of these factors in detail.
Technical Analysis Indicates a Strengthening Upside Momentum
Bitcoin is trading above the 10-day Exponential Moving Average and Simple Moving Average. The 14-day RSI value of 48 suggests that a mild bullish pressure is building. The MACD histogram also signals a bullish trend. The investors are now closely watching whether BTC can break above $93k level to confirm a strong rebound. The 94k is the next crucial inflection point for the price movements. Overall technical analysis is hinting at a bullish momentum building.
Furthermore, the open interest rate has gone up by 7% in the past 24 hours. The entry of fresh capital to the market points to strengthening upside momentum.
Institutional Activity: ETF Flows Show Signs of Recovery
The Bitcoin Spot Exchange Traded Fund (ETFs) has recorded a net inflow of $128.70 million in the past week. The Fidelity Wise Origin Bitcoin Fund (FBTC) and Bitwise Bitcoin ETF(BITB) recorded a net inflow of 21.85 million and $7.44 million, respectively, yesterday, December 2. Additionally, the stock of Strategy (formerly Microstrategy) is faring comparatively well on Wall Street, suggesting a renewed interest in crypto firms. Strategy is the largest corporate holder of Bitcoin.
Macroeconomic Factors: The Increased Hopes of Fed Rate Cuts Push the Prices Up
Amid the release of the latest inflation data, the expectations for a December 10 Fed rate cut shot up. According to the CME FedWatch latest data, the traders are pricing in 89% probability for an upcoming monetary policy easing. The rising hopes of central bank rate cuts are having a bullish impact on the market. The prior anticipations of a hawkish policy have put pressure on the market and pushed investors to recalibrate their investment strategy to a risk-averse one, resulting in a heightened selling pressure in the past week.
The Bottom Line: What’s Ahead for BTC?
The current bullish sentiment surrounding BTC is largely attributed to a combination of macro factors, strong technical signals, and institutional interest. The investors are now closely watching whether Bitcoin can retest the 100k level soon. Even so, despite being the most valued cryptocurrency with strong fundamentals, the near-term volatility can not be ignored. Hence, the investors are advised to proceed with cautious optimism.
Disclaimer: The above crypto price forecasts are based on predictive modeling and should not be considered financial advice.
Crypto & Blockchain Expert